Bitcoin prices have started a new rise above the resistance level of $29000. If it significantly breaks through the resistance level of $30000, BTC may rebound
Bitcoin prices have started a new rise above the resistance level of $29000. If it significantly breaks through the resistance level of $30000, BTC may rebound.
- Bitcoin rose above the resistance levels of $28800 and $29000.
- The price is higher than $28800 and the 100 hour simple moving average.
- There is a main contraction triangle formed on the hourly chart of the BTC/USD currency pair (based on Kraken's data), with a support level around $29250.
- If it breaks through the resistance levels of $29800 and $30000, the currency pair may continue to rise.
Bitcoin prices continue to rise
Bitcoin prices remain strong above the support range of $28000. BTC bulls are very active and can push prices above the resistance level of $28500.
Steadily rising above the resistance levels of $28800 and $29000. The price is close to the resistance level of $30000. Forming a high near $29882, prices are now consolidating their gains. The transaction price of Bitcoin is higher than $28800 and the 100 hour simple moving average.
On the hourly chart of the BTC/USD currency pair, there is also a main contraction triangle formed, with a support level around $29250. The triangular support level is close to the 23.6% Fibonacci retracement level, which moved up from a swinging low of $27258 to a high of $29882.
The direct resistance level is around $29800 and the triangular trend line. The next major resistance is located near the $30000 area. A resistance level above the closing price of $30000 may push Bitcoin up to $30500. Any additional gains could open the door to testing the key level of $31200.
New decline in BTC?
If the price of Bitcoin fails to break through the resistance level of $29800, it may start a new decline again. The direct support for the downward trend is located near the $29250 level and triangular area.
Breaking the triangle may push the price towards a 50% Fibonacci retracement level, which has risen from a swinging low of $27258 to a high of $29882. The next main support level is around the $28250 area or the 100 hour simple moving average. Any further losses may result in Bitcoin reaching $27800 in the short term.
Technical indicators:
Hourly MACD - MACD is now accelerating in bullish areas.
Hourly RSI (Relative strength index) - The RSI of BTC/USD is now higher than 50.
The main support level is $29250, followed by $28550.
Main resistance levels - $29800, $30000, and $30500.
Technical indicators:
Hourly MACD - MACD is now accelerating in bullish areas.
Hourly RSI (Relative strength index) - The RSI of BTC/USD is now higher than 50.
The main support level is $29250, followed by $28550.
Main resistance levels - $29800, $30000, and $30500.
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